SMAX vs. EINC
SMAX (iShares Large Cap Max Buffer Sep ETF) and EINC (VanEck Energy Income ETF) are both exchange-traded funds - SMAX is a Defined Outcome fund actively managed by iShares, while EINC is a Energy Equities fund tracking the MVIS North America Energy Infrastructure Index. SMAX is actively managed, while EINC is passively managed. Over the past year, SMAX returned 8.02% vs 30.66% for EINC. At a 0.16 correlation, their price movements are largely independent. SMAX charges 0.50%/yr vs 0.45%/yr for EINC.
Performance
SMAX vs. EINC - Performance Comparison
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Returns By Period
In the year-to-date period, SMAX achieves a 3.78% return, which is significantly lower than EINC's 26.77% return.
SMAX
- 1D
- 0.09%
- 1M
- 0.81%
- 6M
- 3.32%
- YTD
- 3.78%
- 1Y
- 8.02%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
EINC
- 1D
- 0.19%
- 1M
- 0.31%
- 6M
- 28.45%
- YTD
- 26.77%
- 1Y
- 30.66%
- 3Y*
- 28.13%
- 5Y*
- 21.31%
- 10Y*
- 11.56%
SMAX vs. EINC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
SMAX iShares Large Cap Max Buffer Sep ETF | 3.78% | 8.01% | 1.06% |
EINC VanEck Energy Income ETF | 26.77% | 7.11% | 11.75% |
Correlation
The correlation between SMAX and EINC is -0.10, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.10 |
Correlation (All Time) Calculated using the full available price history since Oct 1, 2024 | 0.16 |
The correlation between SMAX and EINC shifts across timeframes, from -0.10 (1 year) to 0.16 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
SMAX vs. EINC — Risk / Return Rank
SMAX
EINC
SMAX vs. EINC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Large Cap Max Buffer Sep ETF (SMAX) and VanEck Energy Income ETF (EINC). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| SMAX | EINC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.95 | ||
| Sortino ratioReturn per unit of downside risk | +1.79 | ||
| Omega ratioGain probability vs. loss probability | 1.63 | 1.36 | +0.27 |
| Calmar ratioReturn relative to maximum drawdown | 4.22 | 3.98 | +0.24 |
| Martin ratioReturn relative to average drawdown | 22.45 | 9.80 | +12.66 |
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Drawdowns
SMAX vs. EINC - Drawdown Comparison
The maximum SMAX drawdown since its inception was -3.90%, smaller than the maximum EINC drawdown of -87.55%. Use the drawdown chart below to compare losses from any high point for SMAX and EINC.
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Drawdown Indicators
| SMAX | EINC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -3.90% | -87.55% | +83.65% |
Max Drawdown (1Y)Largest decline over 1 year | -1.91% | -7.89% | +5.98% |
Max Drawdown (3Y)Largest decline over 3 years | — | -16.01% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -19.87% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -68.85% | — |
Current DrawdownCurrent decline from peak | 0.00% | -3.89% | +3.89% |
Average DrawdownAverage peak-to-trough decline | -0.39% | -44.02% | +43.63% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.36% | 3.20% | -2.84% |
Volatility
SMAX vs. EINC - Volatility Comparison
The current volatility for iShares Large Cap Max Buffer Sep ETF (SMAX) is 0.74%, while VanEck Energy Income ETF (EINC) has a volatility of 6.16%. This indicates that SMAX experiences smaller price fluctuations and is considered to be less risky than EINC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SMAX | EINC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.74% | 6.16% | -5.42% |
Volatility (6M)Calculated over the trailing 6-month period | 2.17% | 12.26% | -10.09% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.69% | 15.33% | -12.64% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.61% | 19.58% | -15.97% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.61% | 25.33% | -21.72% |
SMAX vs. EINC - Expense Ratio Comparison
SMAX has a 0.50% expense ratio, which is higher than EINC's 0.45% expense ratio.
Dividends
SMAX vs. EINC - Dividend Comparison
SMAX's dividend yield for the trailing twelve months is around 0.94%, less than EINC's 3.49% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EINC VanEck Energy Income ETF | 3.49% | 4.51% | 3.33% | 3.77% | 2.89% | 6.03% | 6.69% | 9.66% | 11.31% | 8.53% | 9.71% | 28.53% |
SMAX iShares Large Cap Max Buffer Sep ETF | 0.94% | 0.98% | 0.27% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
SMAX and EINC have a correlation of -0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EINC has higher volatility (6.16%) compared to SMAX (0.74%). In terms of maximum drawdown, SMAX dropped -3.90% vs EINC's -87.55%.
On 1-year performance, EINC leads with 30.66% vs 8.02% for SMAX. On fees, EINC is cheaper at 0.45% per year. On volatility, SMAX has been the lower-risk option at 0.74%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, EINC has performed better with a 30.66% return vs 8.02%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
EINC is cheaper with a 0.45% expense ratio, compared with 0.50% for SMAX.
EINC has the higher dividend yield at 3.49%, compared with 0.94% for SMAX.
SMAX is categorized as Defined Outcome, while EINC is Energy Equities. They also come from different issuers: iShares and VanEck. Their fees differ too: 0.50% for SMAX and 0.45% for EINC.
SMAX currently has the higher Sharpe Ratio (3.00 vs 2.05), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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